27th St. Petersburg International Economic Forum

27th St. Petersburg International Economic Forum Kicks Off in Russia

27th St. Petersburg International Economic Forum Kicks Off in Russia

The 27th St. Petersburg International Economic Forum (SPIEF) has officially commenced in Russia, focusing on multipolarity and growth centres. 45 states are represented, with BRICS countries taking centre stage.

A Platform for Business Circles

SPIEF has been held annually since 1997, providing a platform for business circles to communicate and discuss key economic issues facing emerging markets, Russia, and the world as a whole. This year’s event has attracted representatives from 136 countries, with Oman receiving the honourable status of a guest country.

Diverse Business Programme

The SPIEF-2024 business programme consists of four tracks, covering critical topics such as the transition to a multipolar world economy, Russia’s new economic cycle, technologies for leadership, and social development. With over 150 thematic sessions and 1,000 speakers, the event promises to be a hub of intellectual and economic exchange.

Focus on SME Development

A key focus of the forum is fostering business relations and expanding contacts with trade partners from the CIS countries, the Arab world, India, China, EAEU-ASEAN, and Latin America. In this regard, the session “SME Development Trends in Russia and India: Ensuring Sustainable Growth” moderated by Ksenia Komissarova, Editor-in-Chief of TV BRICS International Media Network, proved to be a thought-provoking discussion on the SME development trends in both countries and the current challenges faced by this sector.

Indian Businesses Eye Russian Market

Sammy Kotwani, President of the Indian Business Alliance (IBA) in Russia, emphasized that now is an opportune time for Indian businesses to tap into the Russian market. “Now is the best time for the development of Indian business in Russia and the relations between the two countries in general. Many prospects are opening up here now for the application of Indian skills and knowledge,” Kotwani stated.

Inter-Regional Cooperation

Purnima Anand emphasized inter-regional cooperation’s importance. She is the BRICS International Forum’s President. Specifically, she highlighted supporting small and medium-sized enterprises (SMEs). Russia and India must aid SME development. Anand stated, “We have programs for SMEs in Russia and India.” Moreover, she noted, “This sector shapes its agenda undoubtedly.” The programs support St. Petersburg International SME development. Consequently, Anand underscored aiding businesses in both nations.

Potential for SMEs

Satya Punia, President of a Russian pharmaceutical company, identified the pharmaceutical and tourism sectors as areas with immense potential for SMEs in Russia and India. “Traditionally in the pharma sector at the SME level, there are strong ties between the two nations. I think there is huge potential in the tourism industry. This applies both to Russians travelling to the Asian country and tours for Indians to Russia,” Punia said.

EAEU-ASEAN Business Dialogue

The EAEU-ASEAN business dialogue explores new trade approaches. It occurs on June 6th. Moreover, it examines economic cooperation between the regions.A session titled “BRICS Expansion” will take place. Specifically, it asks if transport corridors bolster the BRICS economy. Additionally, it questions how the BRICS digital economy cooperation develops. The 27th St. Petersburg forum hosts this session undoubtedly. Its goal is finding opportunities for business cooperation. Consequently, it may uncover insights on SME development.

Global Food Security and More

The role of BRICS countries in ensuring global food security will be a crucial topic of discussion at the forum, alongside the potential for transport corridors to become a pillar of the BRICS economy. Russian President Vladimir Putin will address the plenary session on June 7, a highlight of the event.

As the 27th St. Petersburg International Economic Forum continues, it is clear that this year’s event will be a valuable platform for business leaders, policymakers, and experts to exchange ideas and forge new partnerships.

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